Vodafone said in a statement that it will launch an offer of 1.49 euros per share in cash in the coming weeks, valuing the group at the equivalent of 115 million pounds.

Cobra Automotive, which is based in Italy and listed on the Milan stock exchange, provides vehicle manufacturers, dealerships and customers with a range of products and services, including telematics, usage-based insurance, and vehicle tracking.

It has operations in Brazil, Britain, China, France, Germany, Italy, Japan, South Korea, Spain and Switzerland.